Aircraft Company and Furniture Retailer Renew Industrial Leases in Broward County
By Julia Echikson August 1, 2023 6:18 pm
reprints
Broward County nabbed two industrial lease renewals, totaling 250,675 square feet.
In the larger deal, AVI Aviation will continue to occupy its 128,144-square-foot base inside the Sawgrass Technology Park in Sunrise, Fla. The aircraft maintenance company has occupied the entire warehouse located at 1655 NW 136th Avenue since 2016.
“The location remains an ideal fit for their operations and clientele, given its proximity to the Fort Lauderdale International Airport,” VSRE’s Carlos Velasquez, who represented the tenant, said in a statement. The landlord, EQT Exeter, was represented in-house by Sander Smith.
In the smaller agreement, home goods retailer Badcock’s Economy Furniture Store renewed an industrial lease totaling 122,531 square feet in Pompano Beach.
The deal is split between two properties, which are both owned by industrial giant Prologis (PLD). At 2101 Park Central Boulevard, the furniture retailer occupies 35,828 square feet; a mile south at 1521 West Copans Road, the tenant occupies 86,703 square feet.
“In light of the recent surge in market rental rates, we’re seeing more tenants opting to renew and restrategize operations,” Colliers’ Lauren Pace, who represented the tenant, said in a statement.
Broward County saw no new industrial deliveries this year, which pushed rental rates up by 2.8 percent to $15.17 per square foot, triple net during the second quarter of 2023, relative to the previous quarter, according to data from Colliers.
Founded in 1904, Badcock’s has grown to encompass 380 retail locations across Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia, and Virginia.
Julia Echikson can be reached at jechikson@commercialobserver.com.
